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Newspaper
Garden City Telegram
Location
Garden City, Kansas, United States of America
Date
Dec 23, 1980
Page
10
Savings bonds owners should review their holdings for tax breaks and cashing options. EE and HH bonds exist with different maturities and tax rules. E bonds cease extending after 40 years for earliest issues. Consider deferring taxes until redemption or reinvesting in HH bonds.
Government data show the share of before tax income spent on food declined from 17 percent in 1960 to just over 14 percent in 1970 and about 15 percent in 1979. Wages rose, aid to the poor grew, and shopping patterns shifted.
Prices for basic foods have changed unevenly since 1960. Milk costs rose from 12 to 10 minutes of work, while a pound of beef remains 16 minutes. Hamburger and coffee advanced more quickly, and sugar climbed modestly. Food spending as a share of income dipped until 1972, then rose, with forecasts of further hikes next year.
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